Seven of the 91 major European banks subject to tests of resistance have been repositioned, said Friday the Committee of European Regulators (CEBS), which means they will raise funds to strengthen their position financière.Il are five banks Spanish (Civica Cajasur, Unnim, and Espiga Diada), a bank Greek (Atebank) and Germany's Hypo Real Estate.

European regulators have scrutinized the 91 largest banks in the European Union to ensure that their capital levels are sufficient to enable them to cope with shocks even more severe than the bankruptcy of Lehman Brothers in September 2008, which sparked a near-collapse of global financial markets. Banks unable to maintain a ratio of Tier 1 capital of at least 6% by end 2011 in the hardest of these scenarios will be considered as having failed the tests.

France has fully passed the examination, the four banks involved in these tests (BNP Paribas, Societe Generale, Credit Agricole and Banque Populaire BPCE-Caisse d'Epargne) have shown that they retain a sufficient level of funds in proportion The different scenarios.

The "brand of French banks is really a very strong resilience, welcomed Christian Noyer, governor of the Bank of France, with the results of these tests, commissioned by the European Commission and organized by the CEBS (Committee European Banking Supervisors). With these results, show that French banks "are among the strongest in Europe," says the Bank of France again. These results were "predictable" because they are "in line with results obtained in tests conducted regularly in France and the demonstrated ability of French banks weather the recent crisis", he added.

Banks were tested maintain a level of equity called "Tier One" (reported capital commitments of the bank) of 6% for the regulator considers that they had passed the test.However, tests have shown that if stress of a major financial crisis, the ratio of cumulative four French banks would fall to 9.3% at end 2011 against 9.9% in late 2009. For Christian Noyer, even in cases of "adverse scenario, the banks maintain a" level of income in 2010 and 2011 roughly the same as in 2009.

But the announcement was particularly flattered by stock traders is that the group will distribute 1.8 billion euros to its shareholders or 20 euros per share. This amount corresponds to the volume of disposals and acquisitions made since the merger between Unibail and Rodamco in 2007.

Slimming

With a recurring earnings per share up 0.4% in the first half, Unibail-Rodamco has a performance consistent with its objectives.But the group is far from his exploits of last year that its recurring net profit was up 7% free 3-in-1 credit report.

Not enough to disturb the land that continues to develop its music strategy. She gives regular malls small or medium. In the first half, she sold the center of Saint Martial in Limoges. "For the first six months of the year, we achieved sales of EUR 1.2 billion, says Guillaume Poitrinal. And by the end of 2011, we plan to divest $ 2.5 billion. "The group which operates 97 malls should have more than sixty by 2012.

Goldman Sachs believes that these results show that the direction to Unibail remains "very disciplined in its management, both strategic and financially."

Kepler Capital Markets welcomed the strategy of maximizing the value of its portfolio through a focus on the business assets of the largest and most profitable, and the increase in the debt ratio from 31% to 40%.

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In contrast, financial markets have taken over other areas of color: the Stock Exchange of Hong Kong gained 1.41% to 20,374.45 points, the Shanghai Stock Exchange ahead of 1.45% to 2631.88 points, the Taiwan Stock Exchange rose 0.87% to 7716.20 points, the Sydney Stock Exchange climbed 1.28% to 4414.10 points.

The increases are limited to Singapore, where The Straits Times Index posted a gain of 0.17% to 2950.45 points. In India, the Bombay Stock Exchange grants itself an increase of 0.36%.Finally, the South Korea Stock Exchange gained 0.35% to 3636.64 points.

Japan: export values penalized

Asian stocks benefit and speculation about a possible tightening of controls against China's housing loans freecreditscore. According to the Shanghai Securities News, the country wants to ensure that financial institutions will meet in the second half of the restrictions on home loans.

On the face values, the values penalizes strong yen Japanese exporters like Sony, which lost 2.57% to 2342 yen or Toyota was down 1.75% to 3080 yen.Conversely, companies such as CNOOC and China Resources Land rose 3.56%, respectively 16.26 Hong Kong dollars and 2.42% to 12.66 Hong Kong dollars.

Crude prices were higher on Tuesday in electronic trading in Asia in the wake of a modest increase registered the previous day in New York, dealers said.

In morning trading, a barrel of light sweet crude for August delivery took 24 cents to 76.78 dollars a barrel, while Brent North Sea crude for September delivery took 29 cents to 75.91 dollars .

Acropolis closed

Many tourists found themselves before an Acropolis closed to the public as most national museums and historical sites. In the streets of Athens, the mobilization was less important. "We've had enough of disaster scenarios," says Emilio, a tax inspector."We see the men of the IMF over the reins every week, we announced that the borrowing rates explode and he'll have to tighten their belts still no teletrack payday loan. How far do we go? Today, people are angry, but they are afraid to go down the street, "he says. The government is trying to appear confident and delaying the application for EU funding, but he struggles to reassure the public. According to Petros Leantros, Institute of Work, "state failure" is no longer a taboo word. "Greece will have to suffer the actions of the IMF because it is unable to pay 13 billion euros per year (5% of GDP) to repay the loan rate debt," stresses said.Meanwhile, Greek authorities will therefore have to contain the anger of the street while trying to persuade European partners and markets their ability to clean up the country's economy.

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There is an analogy of destiny in the Agnelli family. In a slight difference: the little son-burning steps faster than his grandfather. It did not take more than six years to take all the power in the dynasty, while the hall Avvocato had for twenty years under the tutelage of a trust manager, Vittorio Valletta.

He is now head of the three levels of command. President of the Family Partnership "Giovanni Agnelli and Co, when the current owner Gianluigi Gabbetti, a close family, will conclude his term in MayPresident since 2008 of the holding company Exor, the holding company controlled by the family. And now chairman of its main industrial participation, Fiat in this case.

Between U.S. and Europe

This course Emeritus, John Elkann was accomplished with a reserve and discretion authentically Turin, and casual air of one who "does that happen." Those who have followed him have still yet noticed that the young man knew where he went and made every effort to do so.

Born April 1, 1976 in New York, he has five when his parents divorced, the writer and journalist Alain Elkann Franco-Italian and the daughter of the Avvocato, Margherita Agnelli. With his brother Lapo and his sister Ginevra, he spent his youth between the U.S. and Europe, attended high school in Paris where he passed his baccalaureate at the Lyc?e Victor Duruy science.In 2000, he graduated from Polytechnic of Turin, nursery managers of Italian industry.

Without dwelling on trivialities like his grandfather had done after the war, he joined in 2001 at General Electric, as statutory auditor. Two years later, here he is already in IFI, the holding of a family: now associated with the first plan to revive Fiat, along with his uncle Umberto Agnelli. He succeeded in 2004 as vice president, at his death.

His cousin, Giovanni Alberto, the son of Umberto, was the designated heir to the head of the clan. His sudden death in 1997 at age 33, victim of cancer, created a vacuum. In December of that year, the Avvocato set foot in the stirrup to John by naming him director of Fiat.

In 2004, few were betting on its survival in a group adrift.Fiat collapsed under a huge debt, the family clan was divided, and cherry pie, General Motors threatened to seize the manufacturer. Several Agnelli were ready to pull out of the car.

Family unit

Near Gianluigi Gabbetti, the young Elkann took important decisions. He restored the family unit around an ambitious rescue of Fiat, the convincing to grab the wallet. On the other, it gave carte blanche to a manager of emergency, the Chief Executive Sergio Marchionne, supported by a family friend, Luca Cordero di Montezomolo named president. Understated but always present, he gave the endorsement of the clan in terms of a merger with Chrysler, which marks a new stage in the history of Fiat. Like his grandfather, John Elkann closely follows the exploits of Juventus. A "enough is enough" dry in 2008 lead to oust managers involved in a corruption scandal.He is also a sailing enthusiast and expects to complete another project dear to his grandfather to attend a race around the world. He told the skipper Giovanni Soldini, the task of representing him in October 2011 in the "Volvo Ocean Race with VOR70" Italia ", purchased with his own money.

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In contrast, the 35-59 years are 49% to fear for the future economic situation. Pessimism contrasts with predictions of positive growth, the government is relying on such an increase of 1.4% of GDP in 2010. It seems that the fear of unemployment prevails in this population group. They are right: the unemployment rate, currently at 9.1% should exceed 10% according to the OECD.

A large majority (69%) French also fear a rise in prices. Again, they are too pessimistic.Economists Natixis, inflation should not exceed 1.2% in 2010, a fairly low level. INSEE table involved a decline in inflation "underlying", that is to say outside energy prices, to 0.9% in July 2010 against 1.8% in October 2009 .

Eight out of ten people expect further increases in oil prices free credit scores . Again, the French would they be worried too? INSEE expects a stable price per barrel to around $ 80 by mid-2010. But the National Institute of Statistics warns that still considerable uncertainty surrounding its estimates, the market of black gold is very volatile.

According to the Ipsos survey, these pessimistic expectations should lead the French champions of saving, save more. Nearly 65% of respondents believe that the crisis will encourage them to save even more.On this point, they agree with the experts. The INSEE estimates that savings will remain at a high level (16.6%) in the first half of 2010, having broken records in 2009.

Latest cares, but not least, the French: the future of pensions. They are 90% believed that "concern about changes in the level of pensions in the years to come is a sense justified. Negotiations on the future of the pension system, initiated by the government this year, will soon fix the issue.

On the macroeconomic front, the meeting will once again quiet. Tokyo closed up driven by export values. Wall Street posted its second consecutive session of strong gains, thanks to a renewed optimism about economic outlook sparked by expectations of UPS.

But the day will be marked by a series of indicators on the service sector in Europe and the United States and the ADP survey surl'emploi the United States, giving a foretaste of showing the employment in January scheduled Friday.

Oil finished up Tuesday at 77.23 dollars a barrel.The euro continued its resurgence at 1.3971 dollars (0.06%).

Values follow

Vinci reported an increase of 4% of its backlog, which gives visibility beyond 2010 in a still uncertain economic environment. 2009 was marked by a decrease of 4.6% of its consolidated revenues to 31.9 billion euros.

EADS: The Asian demand for aircraft will be more robust than expected, according to Airbus. The manufacturer estimated that the region will need 8,000 aircraft over 100 seats on els next 20 years, 7 cons business card .627 During the previous estimate.

Maurel & Prom has announced a 2009 turnover up 99% with the start of fields and OMKO Onal in Gabon. The oil company said 2009 sales below expectations of 183.2 million euros, including 54.7 million in Q4.

NRJ Group said on Tuesday found a slight increase in advertising revenues in January, after an increase of 1.8% of its sales on a comparable basis in 2009.

Alten said he was confident in his ability to pursue recovery of its operating margin started in the second half of 2009 according to its expectations, despite talks 'complex' with its customers in a heightened competitive environment.

GL Events has announced a decline of 4% of its turnover in 2009 to 581,4 million euros, saying he had outperformed the market events, and a contract for the provision of 40 million for the World Cup footbal in South Africa.

Latecoere has seen its annual sales fall by 22.4% to 449.4 million euros in 2009, under the influence of a decrease of 30.4% in the Aerostructures, which provide more than half of total .He said anticipated a slight drop in activity in 2010, provided the low point turnaround cycle.

The tax burden is not the only criterion taken into account

Above all, the tax burden is not the only criterion taken into account in the study. A rightly so because the number one country for low taxes is East Timor, little known for its overall competitiveness.To measure the overall tax appeal, the study also includes the time spent by businesses to report and pay their taxes and the number of payments. But on these two points, France is ranked (40th in the first case, the 9th in the second). She even won ranks.

This is the result of political modernization efforts for several years with the proliferation of TV-declarations via the Internet and creating a single direction at Bercy managing the assessment and collection of taxes (the General Directorate of Public Finance) . Through this effort, France back in the overall attractiveness of the tax from the 66 th place in 2008 to 59th place in 2009.

For the full year, the increase will be paid to arm's length by notebook PCs, with sales expected to grow by 15.4%. These desktop computers will however fall 9%.The release of Windows 7, the latest operating system from Microsoft, will have limited impact on the sales season, says the firm.

But it was really in 2010 that the market will reconnect with a double-digit growth. Sales should rise and 336.6 million PCs in total, an increase of 12.6 compared to 2009. Again, the laptops will carve the most beautiful piece of the pie, with sales approaching 200 million units.

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